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29/09/2017 - A modest recovery is under way in the global steel market but structural imbalances remain acute amid sluggish demand growth expected in the long-term demand, the OECD Steel Committee said at the end of its meeting this week. The Committee reiterated the urgency of reducing excess capacity and called for the removal of market distortions created by direct and indirect government subsidies and other support. Steel markets should remain as open and free of distortion as possible, it said.

The Committee also expressed concerns about the high level of trade frictions and stressed the need to fight protectionism, including all unfair trade practices, and recognised the role of legitimate trade defense instruments.

>> Read the full statement from Lieven Top, Chairman of the OECD Steel Committee.